OceanaGold (OGC) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of $1.3 billion, record net profit of $192M, and record free cash flow of $245M in 2024, with strong production at Haile, Waihi, and Macraes, and a 60% share price increase year-over-year.

• Employee engagement scores rose above industry average, supporting strong results and future confidence.

• Mineral reserves increased by 27% net of depletion, with significant additions at Haile and Wharekirauponga, including an initial reserve of 1.21 Moz at Wharekirauponga.

• Fully repaid credit facility, ending 2024 with net cash of $192M and maintaining semi-annual dividend and share buybacks.

• Completed major milestones: IPO of OceanaGold Philippines, Haile's Horseshoe underground ramp-up, and Waihi District pre-feasibility study.

Financial highlights

• Q4 revenue reached $427M (up 24% sequentially); full-year revenue was $1.3B (up 26% year-over-year).

• Q4 net profit was $103M (up 70% sequentially); full-year net profit was $192M (up 131% year-over-year).

• Adjusted Q4 EPS was $0.15 (up 67% sequentially); full-year adjusted EPS was $0.29.

• Q4 EBITDA margin was 58%; full-year EBITDA margin was 45%; adjusted EBITDA for the year was $604M.

• Q4 free cash flow was $147M; full-year free cash flow was $245M (up 478% year-over-year).

Outlook and guidance

• 2025 gold production guidance: 450–520 koz; 2026: 550–620 koz, targeting 20% growth from 2024.

• 2025 production to be slightly back half-weighted, with higher AISC due to increased stripping and harder ore at Haile.

• Growth and exploration capital: $120–130M in 2025, $190–215M in 2026, focused on advancing Wharekirauponga and Palomino projects.

• 2025 priorities include maximizing free cash flow, disciplined capital allocation, and advancing organic growth projects.

• Anticipates strong free cash flow in 2025 and a significant step-up in 2026.